Learn how having a business model can help you grow and scale your company
Starting a new business, or expanding a business to a new market, can be daunting. Before you do anything else, it’s essential that you have a business model in place. This model will help you shape the structure of your business and influence all of the decisions you make.
Defined as “a design for the successful operation of a business, identifying revenue sources, customer base, products, and details of financing”, a business model will keep you on track and help you grow and scale your company. But how do you decide what type of business model is right for you? There are many models out there, but your business will likely fall into one of these main categories.
Manufacturer
Using raw materials to create a product, or assembling pre-made components into a product. This business may sell its products directly to customers or outsource sales to another company.
Distributor
Purchasing products from a manufacturer for resale either to retailers or directly to the public.
Retailer
Purchasing products from a distributor then selling those products to the public. A retailer usually has a physical location, but may also be an online store.
Franchise
A franchise can be any type of business. Here, franchisees adopt the business model of the franchise.
Your business is likely to fit into one of the above categories, or perhaps more than one. Once you understand which model fits, you can then take the next step to create your business structure and define your goals. If you need help at any point along the way, we can help. ReachOut Business Solutions has over 20 years of experience assisting businesses establish and grow in the U.S. Contact us to learn how we can help you.
